Protect Your Parents In Their Senior Years With Cancer Insurance

 

Studies show that around 1 out of every 4 people in Singapore can end up developing cancer at some point in their lives. And, cancer does not discriminate by age. This might make you wonder – how will a senior person who is retired afford the high costs associated with a disease like cancer?

The only way to stay secured against the high incidence of cancer is by having cancer insurance.

Cancer insurance can form an important part of your health insurance portfolio. It can supplement the protection that you already have either from MediShield Life or from your private Integrated Shield Plan for wholesome protection. In this blog, we will take a closer look at the coverage that you can expect from a cancer insurance plan.

What is cancer insurance?

Cancer insurance is a type of plan that pays a lump sum amount if you are diagnosed with any form of cancer. If you are diagnosed with cancer you get 100% payout of the sum insured.

The sum insured in a cancer insurance plan can range from S$10,000 to S$300,000. You can get coverage from the age of 1 right up till the age of 100 years.

You can use the payout that you receive from cancer insurance for any expenses during your illness. It is important to remember that a diagnosis of a disease like cancer may leave you unable to go to work as you seek life-saving treatment. During this time, you will still need to pay your bills and keep your home running. The payout from your cancer insurance plan can help you make ends meet in such a situation. You can use the money to pay bills, pay off loans, and even hire a domestic worker if required.

Your parents may have limited savings for their retirement years. A disease like cancer can eat into their savings with the numerous expenses such as multiple trips to the hospital and the need for a caretaker. Medical insurance will not cover such expenses. Thus, it is advisable to buy a cancer insurance plan to cover your parents against the heavy expenses which might accompany such a disease.

 How to buy cancer insurance?

You can easily get a cancer insurance plan online from an insurance company’s website. It is possible to even get an instant online quote too by providing a few details such as your date of birth, gender and so on.

If you are looking for more coverage…

You can also consider buying critical illness insurance so that you stay covered against more diseases apart from cancer. Cancer is just one out of the many critical illnesses. A standard critical illness insurance plan in Singapore offers coverage against 37 critical illnesses such as major cancers, stroke, coma, kidney failure, multiple sclerosis, end stage lung disease, end stage liver failure, aplastic anaemia, and major head trauma, among others.

If you are diagnosed with any of the diseases covered, you will get a lump sum payout.

If you are looking for less coverage…

While buying insurance for critical illnesses for your parents, you may also want to look into getting coverage for yourself. These days, critical illnesses can affect a person at any age; it is always wise to be prepared with adequate coverage. You can either buy cancer insurance or critical illness insurance for yourself or even opt to buy coverage for specific types of cancers, such as prostate cancer insurance or breast cancer insurance. These are generally available as microinsurance plans on an insurance company’s health app.

We hope that this blog has been an insightful read for you and has helped you learn a bit more about cancer protection insurance.

Take care, stay fit, and make sure to get yourself checked regularly by your doctor.